Will there be a soft economic landing? The Fed has been signaling that, if it hasn’t arrived yet, it does seem to be on the way. Eventually. Maybe.

And that might be the case, but as Scott Anderson, chief U.S. economist at BMO Economics wrote, “Wall Street isn’t waiting around to see how this movie turns out.”

The point is that the economy isn’t a thing that exists separate from the rest of life. It involves the decisions every person and institution makes and how they interact. This is the psychological aspect of recession creation. People can collectively will themselves into one. Looking ahead and seeing trouble, they become tighter on spending. Companies make less and control resources, including staff reductions. Before you know it, the country has the reception people expected.